Foreclosures down in January

New York  The number of U.S. households facing foreclosure in January increased 15 percent from the same month last year, and a surge in cash-strapped homeowners who’ve fallen behind on mortgages could be on the way.

More than 315,000 households received a foreclosure-related notice in January, RealtyTrac Inc. reported today. That number is down nearly 10 percent from 349,000 in December, which saw the third highest total since the company began tracking foreclosure data in 2005.

In January, one in 409 homes were sent a filing, which includes default notices, scheduled foreclosure auctions and bank repossessions. Banks repossessed more than 87,000 homes last month, down 5 percent from December but still up 31 percent from January 2009.

More like this story on LJWorld.com

Comments

This drop is due to the BBB`s of most states sending out notices to the big banks after millions of complaints about the shady ways they have been dealing with late payments.They have not been steering people towards the new program to lower payments and have been using scare tactics.They were told conform or be held in contempt and face huge fines. This might finaly help millions out and begin a fix to the banks who failed to operate whithin the law.